The Encino Chamber of Commerce holds its ambassadors committee meeting. 5:15 p.m. 4933 Balboa Blvd Encino (818) 789-4711 encinochamber.org

Woodland Hills-based Litton Systems Inc. has been awarded a $6.7 million contract modification to build an identification system for tactical ships from the U.S. Navy. The project is slated to finish by August and will be performed mostly in San Diego. Litton is a unit of defense contractor Northrop Grumman Corp.

BioPharmetics Inc. has received an order to place its RescuDerm products in 40 Drug Fair pharmacies in New Jersey. The stores will stock the North Hollywood company’s RescuDerm Heat and Sunburn Formula.

A businessperson, actor and school leader will be feted as this year’s Valley Community Clinic’s “Laughter is the Best Medicine” fundraising gala Wednesday. The event at Universal Globe Theatre honors those that have supported the North Hollywood clinic, which serves the un- and underinsured in the Valley. This year’s Corporate Honoree Award will be given to Carlos E. Garcia, president and CEO of the Burbank-based Hispanic research market firm Garcia Research Associates Inc. for his support of community health care in the Valley. Former Los Angeles Unified School District teacher and community leader Maria Reza will receive the Visionary Award. Also being honored is actor and East Los Angeles native Edward James Olmos.

The Lancaster JetHawks minor league baseball team has signed a two-year player development contract and affiliation agreement with the Boston Red Sox. The move will bring Boston’s High Class players to the Antelope Valley club for the 2007 and 2008 seasons. The Sox is the third affiliate since the JetHawks was formed in 1996. The team had been a farm system for the Seattle Mariners for five years before inking a six-season agreement for the Arizona Diamondbacks.

The cancer program Henry Mayo Newhall Hospital in Valencia has once again been granted a three-year “approval with commendation” from the American College of Surgeons Commission on Cancer. The program has earned the designation since 1988. It is one of 893 cancer programs across the country to receive the accreditation. The designation is determined by hospital leadership, cancer data management, clinical services, research, community outreach and quality improvement.

The Encino Chamber of Commerce holds its executive committee meeting. 4933 Balboa Blvd. Encino 5:15 p.m. (818) 789-4711 encinochamber.org

The Thousand Oaks drug giant Amgen Inc. has acquired a privately-held biopharmaceutical company based in Mountain View, Calif. Avidia develops a new type of human therapeutic called Avimer(TM) proteins. Its lead product candidate, in phase one clinic trials, is an inhibitor for the treatment of inflammation and autoimmune diseases. Amgen will pay $290 million in cash, net of existing cash balances and Amgen’s existing 4 percent equity stake in Avidia and up to $90 million upon the achievement of certain milestones. Boards from both companies have approved the deal.

The Glendale Chamber of Commerce holds a city and county action meeting. 12 noon Glendale Chamber Conference Room 200 S. Louise, Glendale (818) 240-7870 glendalechamber.com

Federal regulators instructed the banking industry to explain the risks posed to borrowers from non-traditional mortgage loans such as interest-only mortgages and said they would use the guidance in auditing banks’ operating procedures. The new guidelines came as regulators increasingly fear the potential impact from these mortgages both on consumers and on the banks that make the loans. The Mortgage Bankers Association responded with criticism of the move, noting that delinquency rates are “within the range of historical norms” and expressed concern that the guidelines would unfairly limit choices by bankers and consumers. Non-traditional mortgages, such as interest only loans that allow borrowers to pay only the interest due on the mortgage for a specified period of time, grew to represent 30 percent of all mortgage lending in 2005, up from 10 percent in 2003, according to the Government Accountability Office. The loans became gradually more popular as home prices rose over the past few years, but are riskier than traditional mortgages because the loan balances could exceed the value of the home if home prices drop precipitously and because rising interest rates could bring payments to levels that borrowers can no longer afford.